The New York-based media company, which owns the Journal, HarperCollins Publishers and news organizations in the U.K. and Australia, said revenue fell 7.2% to $2.52 billion for the quarter ended Dec. 31. Net profit declined 71% to $67 million, or 12 cents a share, from $235 million, or 40 cents a share, a year earlier.
6 European Stocks That Could Gain From the Dollar's Reversal
Investors trying to bounce back from a terrible year for stocks should consider Europe. They could be rewarded with an extra boost from currency swings this year.
In 2022, the dollar climbed to its highest level in decades against both the euro and the pound, as the Federal Reserve unleashed an aggressive campaign of interest-rate increases. European central banks moved more slowly to raise rates, driving up the dollar and boosting the returns of greenback-denominated assets.
PayPal CEO Dan Schulman to Retire
PayPal Holdings Inc. Chief Executive Dan Schulman said he would retire from the company at the end of 2023, ending a nine-year run atop the payments giant.
PayPal's board hasn't yet chosen a successor. Mr. Schulman said he would help with the leadership transition and remain on the board.
Russia to Cut Oil Production, Sending Prices Higher
Russia said it plans to cut its oil production by around 500,000 barrels a day, or about 5%, next month, sending crude prices higher in a move that Moscow said was in response to Western sanctions.
Russia throttled back and then halted most exports of natural gas to Europe in response to sanctions imposed on Moscow after it invaded Ukraine. It has threatened to use its vast production of all sorts of commodities, including oil, to punch back against those economic restrictions.
U.K. Ekes Out Economic Growth, Boosted by World Cup
LONDON-The U.K.'s economy returned to growth as 2022 drew to a close, partly thanks to soccer fans driving up sales at pubs during the World Cup. But many economists still expect a recession and several years of anemic expansion.
Britain's economy grew at an annualized rate of 0.1% in the three months through December, having contracted 0.7% during the previous three months, the Office for National Statistics said Friday. That allowed the country to avoid a predicted recession, which is usually defined as two consecutive quarters of contraction.
FOMO Options Bets Sweep Market During Stock Rally
Options traders are riding this year's stock-market rally en masse, favoring bets on technology stocks to capture quick gains.
More than 40 million call-option contracts changed hands in a single day in early February-the highest level on record and nearly topping 2022's daily average volume for puts and calls combined. That propelled overall activity above 68 million contracts, also a record, according to Cboe Global Markets data.
U.S. Government Borrowing Costs Rise as Debt Ceiling Fuels Partisan Clash
WASHINGTON-An era of ultracheap debt is over in Washington as higher borrowing costs widen the U.S. deficit and fuel a partisan clash over raising the debt ceiling and how much borrowing could be too much.
The Treasury's spending on interest on the debt is up 41% to $198 billion in the first four months of this fiscal year compared with $140 billion in the same period last year, according to a Congressional Budget Office estimate of spending through January.
BOJ Deputy Gov. Amamiya Sees No Need to Tweak Yield Curve Control Policy
Bank of Japan Deputy Gov. Masayoshi Amamiya said Friday that there is no immediate need to tweak the central bank's yield curve control policy again.
Mr. Amamiya said the bank's December decision to raise a cap on the 10-year Japanese government bond yield to 0.5% from 0.25% had helped improve market conditions and the bank needed more time to examine its impact.
Chinese Banks' January Lending Beat Expectations
Chinese banks issued a higher-than-expected amount of new yuan loans in January, as Beijing moved to kick-start economic growth after nearly three years of Covid restrictions.
New yuan loans stood at 4.9 trillion yuan ($722.64 billion) in January, sharply higher than the CNY1.4 trillion of loans issued in December, the People's Bank of China said Friday.
China's Reopening Pushes Inflation Higher
SINGAPORE-Inflation in China accelerated in January as the world's second-largest economy emerged from almost three years of strict Covid-19 controls.
Economists expect China's reopening to put pressure on prices at home and around the world this year, though the impact probably won't be enough to prevent a gradual slowdown in global inflation as higher interest rates cool economic growth.
Pakistan, IMF Inch Toward Deal
The International Monetary Fund said progress had been made in talks with Pakistan over restarting a stalled bailout, but the two sides hadn't reached an agreement, which is seen as vital to preventing the country from defaulting.
The IMF ended a 10-day visit to the country for negotiations on Friday. The two sides said talks would continue virtually.
U.S. Poised to Further Tighten Technology Exports to China After Balloon Incident
WASHINGTON-China risks losing even more access to Western technology after a suspected spy balloon traversed the U.S., as Washington and its allies consider punishing Beijing with stiffer restrictions on products it needs to advance its military and economic might.
Current and former security officials say the balloon, which the U.S. said carried antennas and sensors for collecting intelligence and communications, underscores the national security threat posed by China and will build political support for stronger protections of U.S. technology.
Second Suspect in Germany Intelligence Breach Was Questioned in U.S.
A man suspected of helping leak Western intelligence on the war in Ukraine to Russian agents was detained by U.S. authorities and questioned there before being flown to Germany where he was arrested last month, according to German and U.S. officials.
Named only as Arthur E., the 31-year-old suspect is currently in detention pending an investigation into possible spying and treason, according to German prosecutors.
Millions Could Lose Medicaid Coverage When Pandemic Health Emergency Ends
Up to 15 million people could lose Medicaid coverage after the pandemic public health emergency ends on May 11, the Department of Health and Human Services said.
The estimate came during a call with reporters on Thursday, when administration officials outlined what could be expected as federal officials wind down the Covid-19 health emergency declared in 2020.
Mike Pence Subpoenaed by Special Counsel Jack Smith
Former Vice President Mike Pence has been subpoenaed by special counsel Jack Smith, who is looking into efforts by former President Donald Trump and his allies to overturn the results of the 2020 presidential election, people familiar with the matter said Thursday.
The move represents an escalation in the Justice Department investigation and sets the stage for a likely court battle over executive privilege, which lawyers for Mr. Trump have raised in recent years to block or slow the testimony of former administration officials in various probes.
Write to ina.kreutz@wsj.com TODAY IN CANADA
Earnings:
ABC Tech Hldgs 2Q
Computer Modelling 3Q
Enbridge 4Q
Fortis 4Q
Magna Intl 4Q
Economic Indicators (ET):
0830 Jan Labour Force Survey
Stocks to Watch:
Arc Resources 4Q EPS C$1.18; 4Q Net C$741M
Home Capital Obtains Final Court Approval For Arrangement To Be Acquired By Smith Financial Corporation
Indigo Books 3Q Rev C$422.7M; 3Q Net C$34.3M; Sales for the 3Q Reflected the Pressures of the Current Macro-Economic Environment
Information Services Sees 2023 Rev C$200M-C$205M
Interfor 4Q Sales C$810.4M; 4Q Loss/Shr C$1.40
International Battery Metals Issues 15.1M Additional Shrs After Completing Milestones in Asset Purchase Pact
Russel Metals 4Q Rev C$1.1B; 4Q EPS C$0.93
Sangoma Technologies 2Q Rev $62.04M; 2Q Loss/Shr 8c
Silvercorp Metals 3Q EPS 7C; 3Q Rev $58.7M
SSR Mining: Achieves Revised 2022 Production Guidance and Updates Three-Yr Outlook; In 2022, Four Operating Assets Produced 623,819 Gold Equivalent Ounces, Delivering 4Q Performance of 182,655 Gold Equivalent Ounces and Meeting Revised Guidance Targets; Full Yr 2022 Cost of Sales of $985 Per Gold Equivalent Ounce and All-In Sustaining Costs of $1,339 Per Gold Equivalent Ounce Were Also in Line With Guidance; Expects 2023 Total Production of 700,000 to 780,000 Gold Equivalent Ounces at Consolidated Cost of Sales of $1,055 to $1,115 Per Gold Equivalent Ounce, AISC of $1,365 to $1,425 Per Gold Equivalent Ounce; In Updated 3-Yr Outlook, Expects to Maintain an Avg Production Base of Approximately 700,000 Gold Equivalent Ounces Per Yr Through 2025
Star Diamond Appoints Richard Johnson as Chief Fincl Officer Effective Immediately
Tucows 4Q Loss/Shr $1.25; 4Q Rev $78.9M; Announces $40 Million Stock Buyback Program
Expected Major Events for Friday
07:00/UK: Dec UK trade
07:00/UK: Dec Index of production
07:00/UK: Dec Index of services
07:00/UK: 4Q Business investment in the UK: provisional results
07:00/UK: 4Q First quarterly estimate of GDP
07:00/UK: Dec Monthly GDP estimates
09:00/ITA: Dec Industrial Production
12:30/UK: Jan NIESR Monthly GDP Tracker
13:30/CAN: Jan Labour Force Survey
15:00/US: Feb University of Michigan Survey of Consumers - preliminary
16:59/GER: Dec Balance of Payments
19:00/US: Jan Monthly Treasury Statement of Receipts and Outlays of the U.S. Government
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Friday
5E Advanced Materials Inc (FEAM) is expected to report for 2Q.
Advaxis Inc (ADXS) is expected to report for 4Q.
Air T Inc (AIRT) is expected to report for 3Q.
(MORE TO FOLLOW) Dow Jones Newswires
02-10-23 0646ET
